Story
MOEX Russia Index Edges Higher on Commodity Strength as Tech Stocks Fall
Summary
Russia's benchmark stock index closed with a modest gain, buoyed by advances in the oil, gas, and mining sectors. However, significant declines in major technology and telecom companies capped the overall market advance.
The MOEX Russia Index finished Tuesday's session with a marginal gain of 0.15%, as strength in commodity-linked sectors offset significant losses among major technology and telecommunications stocks. The advance was driven primarily by gains in the Oil & Gas, Mining, and Power industries, according to closing data from the Moscow Exchange.
A Divergent Performance
The market displayed a clear divide between sectors. While rising stocks outnumbered declining ones 135 to 106, several high-profile companies faced heavy selling pressure.
- Top Performers: Leading the gains were aluminum producer United Company Rusal (RUAL), which climbed 3.39%, and oil firm Surgutneftegas (SNGS_p), which added 3.05%.
- Key Laggards: Conversely, telecom giant Mobil’nye Telesistemy (MTSS) plunged 5.46% to a 52-week low. Social media and tech firm VK Company (VKCO) fell 4.64% to an all-time low, while e-commerce platform OZON dropped 3.67% to a 52-week low.
AdVolatility and Commodities
Despite the index's modest gain, market volatility increased. The Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, rose 3.27% to 44.49, suggesting traders are pricing in a greater potential for future market swings.
The strength in commodity-related stocks was supported by moves in global markets. West Texas Intermediate (WTI) crude oil futures for August delivery rose 2.16% to $79.83 a barrel, and August gold futures also gained. Meanwhile, the USD/RUB and EUR/RUB currency pairs remained stable at the close.
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